Centralized exchange BitMart announced it is developing a potential restructuring plan as an alternative to a complete business shutdown. This plan may involve a phased resumption of some operations and creditor payments.
BitMart is discussing possible scenarios with the community, stakeholders, and advisors. The decision on a partial relaunch and payments will depend on legal, financial, operational, and regulatory assessments.
The company has appointed White & Case as a restructuring advisor. The firm, along with other consultants, will evaluate available options and assist in developing a phased resumption plan.
Currently, advisors are preparing a roadmap. BitMart has promised to release an update by September 9, 2026, and will disclose details as they become available. Once the document is ready, the company intends to present any business resumption plan to the community for discussion.
On July 26, BitMart announced the start of an orderly shutdown of its trading platform. At that time, the exchange stated it would gradually halt new user registrations, deposits, and new order placements. The cessation of all spot, futures, and other trading services is scheduled for August 26, with official closure set for January 31, 2027.
Following the exchange’s announcement, users began to complain en masse about being unable to withdraw funds, contrary to promises. In early August, BitMart founder Sheldon Xia first responded to the complaints, assuring that client assets were not being misappropriated.
Despite his statement, OpenGradient co-founder and CEO Matthew Wang accused the exchange of insolvency. He noted that about a week before the closure announcement, the platform asked token holders to lock their assets to attract liquidity.
In July, crypto exchange BitMEX announced it would cease operations from September 23.
